Idea Money, Idea Cellular’s mobile wallet service, now has 3.4 million customers growing 66% quarter-on-quarter from 2.05 million customers. Idea had launched the service in August 2014, after eight months of receiving a wallet service from the Reserve Bank of India (RBI).
It seems that Idea has really started pushing customers for adoption since the last quarter (Q4FY16). Idea Money had 590,000 customers in the the Q3FY16. The average transaction value increased 51.1% to Rs 334 from Rs 221 in the preceding quarter. The total transaction value increased 18.5% q-o-q to Rs 9.16 crore. The transaction count however declined 21.6% to 2.75 million from 3.5 million in the previous quarter.
Idea Money is currently available in 17 circles where the telecom operator is present in. The company adds that it is aggressively acquiring merchants and users for its service. Idea is looking to signing up with e-commerce companies servicing in the field of Food, Travel, Taxi, Railways etc. Some of its online and merchants include BookMyshow, KFC, Dominos, Yep Me, MakeMyTrip and IRCTC.
It’s worth noting that Idea’s competitor, Airtel Money, hasn’t disclosed operational data for India for since March 2014. At that time, the company had reported an active base of 1.7 million users in India in Q4-FY14. The total number of transactions made in the country was at 38 million, while the total amount transacted was at Rs 1,364.2 crore for the quarter.
Payment Bank licence
Idea was also one of the 11 applicants to get a payments bank licence from the Reserve Bank of India. It had applied for a Payments Banks license in a 49:51 joint venture with Aditya Birla Nuvo Limited. The company is likely to commercially launch its services by the first half of 2017.
– Paytm is the biggest player in the wallet space and says that it has more than 125 million wallet users. When Paytm crossed 100 million users in August 2015, it had claimed to carry out over 75 million transactions every month.
– MobiKwik says that it has over 32 million users and connects to 100,000 retailers.
– FreeCharge claims that it has 30 million users too and over 100,000 merchants.
– Vodafone M-Pesa active user base stood at 962,000. While the number of M-Pesa agents stood at 102,000.
Download: Quarterly report